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Showing posts from June, 2021

Due date for ITR filing for salaried taxpayers extended

Due date for ITR filing for salaried taxpayers extended from 31st July to 30th September 2021 this year. Form 16 employer is required to issue to employees before 15th July. Your taxable income may be more or lesser than that in Form 16 provided you have documentary proofs against your claims.

When to say NO to Cash transaction

  Expenditure above Rs. 10000 - Disallowance u/s 40A    No health insurance in cash except for preventive health checkup     Prohibition on Acceptance and Repayment on cash loan, Deposit, etc. above Rs. 20000 Disallowance on Capital expenditure and Depreciation above Rs.10,000    Disallowance of scientific Research above Rs. 2000     Prohibition on Acceptance and Repayment on cash loan, Deposit, etc. above Rs. 20000  No cash donation to Political parties or Electoral trust  Receipt of Cash above Rs. 2,00,000 Donation above Rs. 2000